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Investment in Unconsolidated Real Estate Ventures (Tables) | 6 Months Ended
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Jun. 30, 2018
Equity Method Investments And Joint Ventures [Abstract] |
Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss) | The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of June 30, 2018 and December 31, 2017 (in thousands):
| June 30, 2018 |
| DRA (G&I) Austin |  |  | Brandywine-AI Venture LLC |  |  | HSRE-BDN I, LLC (evo at Cira Centre South) (a) |  |  | Other |  |  | Total |
Net property | $ | 259,282 |  |  | $ | 158,483 |  |  | $ | - |  |  | $ | 494,053 |  |  | $ | 911,818 |
Other assets |  | 37,584 |  |  |  | 24,444 |  |  |  | - |  |  |  | 84,166 |  |  |  | 146,194 |
Other liabilities |  | 17,734 |  |  |  | 4,519 |  |  |  | - |  |  |  | 73,603 |  |  |  | 95,856 |
Debt, net |  | 247,004 |  |  |  | 92,707 |  |  |  | - |  |  |  | 301,640 |  |  |  | 641,351 |
Equity (b) |  | 32,128 |  |  |  | 85,701 |  |  |  | - |  |  |  | 202,976 |  |  |  | 320,805 |
| December 31, 2017 |
| DRA (G&I) Austin |  |  | Brandywine-AI Venture LLC |  |  | HSRE-BDN I, LLC (evo at Cira Centre South) |  |  | Other |  |  | Total |
Net property | $ | 263,557 |  |  | $ | 158,960 |  |  | $ | 143,990 |  |  | $ | 517,458 |  |  | $ | 1,083,965 |
Other assets |  | 42,272 |  |  |  | 24,181 |  |  |  | 8,563 |  |  |  | 86,916 |  |  |  | 161,932 |
Other liabilities |  | 24,131 |  |  |  | 4,493 |  |  |  | 1,648 |  |  |  | 67,435 |  |  |  | 97,707 |
Debt, net |  | 248,700 |  |  |  | 92,917 |  |  |  | 110,136 |  |  |  | 314,667 |  |  |  | 766,420 |
Equity (b) |  | 32,998 |  |  |  | 85,731 |  |  |  | 40,769 |  |  |  | 222,272 |  |  |  | 381,770 |
(a) | On January 10, 2018, HSRE-BDN I, LLC (evo at Cira Centre South) sold the 345-unit student housing tower, its sole operating asset. See ‘evo at Cira Disposition’ section below.
(b) | This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.
The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three- and six-month periods ended June 30, 2018 and 2017 (in thousands):
| Three-month period ended June 30, 2018 |
| DRA (G&I) Austin |  |  | Brandywine-AI Venture LLC |  |  | HSRE-BDN I, LLC (evo at Cira Centre South) |  |  | Other |  |  | Total |
Revenue | $ | 13,904 |  |  | $ | 5,970 |  |  | $ | - |  |  | $ | 21,227 |  |  | $ | 41,101 |
Operating expenses |  | (5,751 | ) |  |  | (2,877 | ) |  |  | - |  |  |  | (11,461 | ) |  |  | (20,089 | )
Interest expense, net |  | (2,227 | ) |  |  | (869 | ) |  |  | - |  |  |  | (4,856 | ) |  |  | (7,952 | )
Depreciation and amortization |  | (5,028 | ) |  |  | (2,546 | ) |  |  | - |  |  |  | (6,218 | ) |  |  | (13,792 | )
Loss on early extinguishment of debt |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Net income (loss) | $ | 898 |  |  | $ | (322 | ) |  | $ | - |  |  | $ | (1,308 | ) |  | $ | (732 | )
Ownership interest % |  | 50 | % |  |  | 50 | % |  |  | 50 | % |  | (a) |  |  | (a) |
Company's share of net income (loss) | $ | 449 |  |  | $ | (161 | ) |  | $ | - |  |  | $ | (764 | ) |  | $ | (476 | )
Basis adjustments and other |  | 204 |  |  |  | (13 | ) |  |  | - |  |  |  | (73 | ) |  |  | 118 |
Equity in income (loss) of Real Estate Ventures | $ | 653 |  |  | $ | (174 | ) |  | $ | - |  |  | $ | (837 | ) |  | $ | (358 | )
| Three-month period ended June 30, 2017 |
| DRA (G&I) Austin |  |  | Brandywine-AI Venture LLC |  |  | HSRE-BDN I, LLC (evo at Cira Centre South) |  |  | Other |  |  | Total |
Revenue | $ | 26,140 |  |  | $ | 7,988 |  |  | $ | 3,101 |  |  | $ | 21,590 |  |  | $ | 58,819 |
Operating expenses |  | (9,699 | ) |  |  | (3,248 | ) |  |  | (712 | ) |  |  | (11,513 | ) |  |  | (25,172 | )
Interest expense, net |  | (3,744 | ) |  |  | (1,301 | ) |  |  | (1,014 | ) |  |  | (5,213 | ) |  |  | (11,272 | )
Depreciation and amortization |  | (9,064 | ) |  |  | (3,133 | ) |  |  | (1,128 | ) |  |  | (7,046 | ) |  |  | (20,371 | )
Net income (loss) | $ | 3,633 |  |  | $ | 306 |  |  | $ | 247 |  |  | $ | (2,182 | ) |  | $ | 2,004 |
Ownership interest % |  | 50 | % |  |  | 50 | % |  |  | 50 | % |  | (a) |  |  | (a) |
Company's share of net income (loss) | $ | 1,817 |  |  | $ | 153 |  |  | $ | 124 |  |  | $ | (645 | ) |  | $ | 1,449 |
Basis adjustments and other |  | (171 | ) |  |  | (11 | ) |  |  | 46 |  |  |  | (229 | ) |  |  | (365 | )
Equity in income (loss) of Real Estate Ventures | $ | 1,646 |  |  | $ | 142 |  |  | $ | 170 |  |  | $ | (874 | ) |  | $ | 1,084 |
| Six-month period ended June 30, 2018 |
| DRA (G&I) Austin |  |  | Brandywine-AI Venture LLC |  |  | HSRE-BDN I, LLC (evo at Cira Centre South) |  |  | Other |  |  | Total |
Revenue | $ | 28,260 |  |  | $ | 11,806 |  |  | $ | 995 |  |  | $ | 42,861 |  |  | $ | 83,922 |
Operating expenses |  | (11,817 | ) |  |  | (5,421 | ) |  |  | (250 | ) |  |  | (23,369 | ) |  |  | (40,857 | )
Interest expense, net |  | (4,521 | ) |  |  | (1,733 | ) |  |  | (388 | ) |  |  | (9,436 | ) |  |  | (16,078 | )
Depreciation and amortization |  | (10,726 | ) |  |  | (4,683 | ) |  |  | (376 | ) |  |  | (12,391 | ) |  |  | (28,176 | )
Loss on early extinguishment of debt |  | - |  |  |  | - |  |  |  | (718 | ) |  |  | - |  |  |  | (718 | )
Net income (loss) | $ | 1,196 |  |  | $ | (31 | ) |  | $ | (737 | ) |  | $ | (2,335 | ) |  | $ | (1,907 | )
Ownership interest % |  | 50 | % |  |  | 50 | % |  |  | 50 | % |  | (a) |  |  | (a) |
Company's share of net income (loss) | $ | 598 |  |  | $ | (16 | ) |  | $ | (369 | ) |  | $ | (1,396 | ) |  | $ | (1,183 | )
Basis adjustments and other |  | 135 |  |  |  | 2 |  |  |  | 11 |  |  |  | (148 | ) |  |  | - |
Equity in income (loss) of Real Estate Ventures | $ | 733 |  |  | $ | (14 | ) |  | $ | (358 | ) |  | $ | (1,544 | ) |  | $ | (1,183 | )
| Six-month period ended June 30, 2017 |
| DRA (G&I) Austin |  |  | Brandywine-AI Venture LLC |  |  | HSRE-BDN I, LLC (evo at Cira Centre South) |  |  | Other |  |  | Total |
Revenue | $ | 47,692 |  |  | $ | 15,313 |  |  | $ | 6,255 |  |  | $ | 43,838 |  |  | $ | 113,098 |
Operating expenses |  | (19,012 | ) |  |  | (6,188 | ) |  |  | (1,391 | ) |  |  | (23,747 | ) |  |  | (50,338 | )
Interest expense, net |  | (7,433 | ) |  |  | (2,446 | ) |  |  | (1,912 | ) |  |  | (10,310 | ) |  |  | (22,101 | )
Depreciation and amortization |  | (18,293 | ) |  |  | (5,942 | ) |  |  | (2,256 | ) |  |  | (14,642 | ) |  |  | (41,133 | )
Net income (loss) | $ | 2,954 |  |  | $ | 737 |  |  | $ | 696 |  |  | $ | (4,861 | ) |  | $ | (474 | )
Ownership interest % |  | 50 | % |  |  | 50 | % |  |  | 50 | % |  | (a) |  |  | (a) |
Company's share of net income (loss) | $ | 1,477 |  |  | $ | 369 |  |  | $ | 348 |  |  | $ | (1,907 | ) |  | $ | 287 |
Basis adjustments and other |  | (196 | ) |  |  | 299 |  |  |  | 53 |  |  |  | (107 | ) |  |  | 49 |
Equity in income (loss) of Real Estate Ventures | $ | 1,281 |  |  | $ | 668 |  |  | $ | 401 |  |  | $ | (2,014 | ) |  | $ | 336 |
(a) | The Company’s unconsolidated ownership interests ranged from 25% to 70% during the three- and six-month periods ended June 30, 2018 and 20% to 70% during the three- and six month periods ended June 30, 2017, subject to specified priority allocations of distributable cash in certain of the Real Estate Ventures.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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